Core Insights - The article discusses the journey of the company "Copper Master" founded by entrepreneur Yu Guang, highlighting its growth and recent IPO attempt in Hong Kong after a failed attempt earlier this year [1][2]. Company Overview - Copper Master was established in 2013, initially focusing on producing bronze statues, particularly of the deity Guan Gong, and has since expanded its product line to include various bronze cultural and creative products [2]. - The company has achieved an annual revenue of 5 billion RMB, leveraging a business model inspired by Xiaomi, which emphasizes cost-effectiveness and consumer engagement [1][6]. Market Position - According to a report by Frost & Sullivan, Copper Master holds the largest market share in China's bronze cultural and creative product market, with a commanding 35% share as of the end of 2024 [3][4]. Product Strategy - The company has developed a diverse IP matrix, creating hundreds of original product IPs between 2022 and 2024, with over 90% of its revenue coming from self-developed IPs [5]. - Despite expanding its material offerings to include gold, silver, and plastic, the core business remains focused on bronze products, which accounted for over 95% of revenue during the reporting period [2][8]. Financial Performance - Copper Master has shown continuous profitability, with revenues increasing from 503 million RMB in 2022 to an estimated 571 million RMB in 2024. However, net profits have fluctuated, with a notable decline of nearly 24% year-on-year in the first half of 2023 [8][11]. - The company reported a net profit of 30.24 million RMB for the first half of 2023, down 23.9% from the previous year, attributed to increased operational costs and non-recurring expenses [10][11]. Future Plans - The company aims to use the funds raised from its IPO to enhance product development, increase production capacity, improve sales channels, and upgrade digital infrastructure [11].